Job Market Cracks: Initial Claims Unexpectedly Soar To The Highest Since October 2021

And just like that, the job market has finally cracked.

One week after the latest JOLTS report confirmed the sharp deterioration in US jobs as the number of job openings tumbled for moments ago Biden’s DOL finally threw in the towel on initial claims data manipulation when it reported that in the latest week, a whopping 264K initial jobless claims were reported, a spike from the 242K the week prior and a huge miss to the 245K consensus estimate. Worse, this was the highest print since October 2021. And unfortunately, it’s all uphill from here.

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